Liverpool’s Financial Leap Signals A Shift At The Top Of English Football
For decades, Liverpool measured success in trophies, nights under the Anfield lights and the roar of the Kop. Now, the club has added another milestone to its modern resurgence: becoming the highest-earning English football club for the first time.
According to the latest Deloitte Football Money League, Liverpool generated €836m (£702m) in revenue after winning the Premier League title last season, overtaking domestic rivals long accustomed to leading English football’s financial tables. While the Reds sit fifth overall, behind continental heavyweights, their rise tells a broader story about how football’s economics are evolving.
At the summit once again is Real Madrid, whose revenue climbed to €1.2bn (£1.01bn), underlining the Spanish giants’ unmatched commercial power even in a season without Champions League or La Liga silverware. Barcelona followed in second place with €975m (£819m), their highest ranking since 2020 despite playing away from the Camp Nou during renovations. Bayern Munich took third with €861m (£723m), while Champions League winners Paris Saint-Germain edged into fourth on €837m (£703m).
Liverpool’s position at fifth marks a notable moment for the Premier League. Although six English clubs feature in the global top 10 and 15 appear in the top 30, none cracked the top four this year. It is a rare break from a trend that has seen English teams dominate Deloitte’s rankings for much of the past decade.
The wider picture remains lucrative. Revenue across the top 20 clubs rose 11% to a record €12.4bn (£10.4bn), highlighting football’s continued commercial growth even amid concerns over fixture congestion and player welfare.
Manchester City, champions of Europe in recent seasons, slipped from second to sixth after a rare trophyless campaign and early exits from major competitions. Their revenue dipped slightly to €829m (£697m). Arsenal (€822m), Tottenham (€673m) and Chelsea (€584m) completed England’s representation in the top 10.
Further down the list, Aston Villa, Newcastle United and West Ham United all featured, with clubs such as Brighton, Everton and Brentford also making the top 30. Analysts note that the sheer scale of Premier League revenues means even mid-table English clubs now out-earn entire leagues in other parts of the world.
Financial expert Kieran Maguire says Liverpool’s ascent is rooted in strategy as much as success on the pitch. The expansion of Anfield, increased use of the stadium for concerts and events, and a global push in retail and merchandising have all paid dividends. “If you can generate income on non-matchdays, that’s how you really move a club forward,” he said.
Manchester United’s slide to eighth place, despite modest revenue growth, offered a sharp contrast. Once the benchmark for commercial success, the club’s absence from European competition this season is expected to further dent its matchday income.
Across Europe, clubs are increasingly leaning on commercial and matchday revenues rather than broadcasting alone. Real Madrid’s revamped Bernabéu, for example, delivered one of the highest matchday figures ever recorded, while Barcelona’s creative financing during their stadium rebuild provided a short-term boost.
Deloitte analysts say the numbers reflect clubs taking greater control of how they generate income, but they also warn of the need for balance. With more competitions and longer seasons, financial growth is coming at the cost of an ever-crowded calendar.
For Liverpool, though, the message is clear. The club’s transformation into a financial powerhouse mirrors its return to the top of English football, and signals that in the modern game, success is no longer measured solely by what happens in 90 minutes on the pitch.
